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Chow Tai Fook China Sales Rise
Jul 18, 2019 3:27 AM
By Rapaport News
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RAPAPORT... Sales in Chow Tai Fook’s mainland China stores
grew strongly in the first fiscal quarter, while purchases in Hong Kong and
Macau slowed.
Retail sales jumped 24% in mainland China in the three
months ending June 30, with same-store sales — at branches open for at least a
year — rising 11%, the jeweler reported Tuesday. Retail revenues in Hong Kong
and Macau fell 6%, while same-store sales slipped 11%. Same-store sales only
include shops that Chow Tai Fook operates itself, as opposed to franchises.
“[The] Hong Kong and Macau market was affected by a tough
base comparison and cautious consumer sentiment amid an uncertain [economic]
environment,” the company said.
Gem-set jewelry sales climbed 8% on a same-store basis in
China, but declined 16% in Hong Kong and Macau. Revenue from gold jewelry
surged 12% in China, as the average weight per product sold increased, as did
the average selling price. Sales of gold jewelry dropped 13% in Hong Kong and
Macau. The group did not provide exact sales figures.
Image: A Chow Tai Fook concept store in Hong Kong. (Wpcpey)
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Tags:
Chow Tai Fook, gem-set jewelry, Gold jewelry, Hong Kong and Macau, Rapaport News
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